SHANGHAI, Oct. 10 (SMM) – LME nickel prices overnight opened at USD 13,878/mt, with the high end of the price range USD 13,934/mt, and finding support at USD 13,660/mt. Finally, LME nickel prices closed at USD 13,690/mt, down USD 190/mt from the previous trading day. Trading volumes increased by 913 lots, to 2,837 lots, and total positions increased by 2,837 lots, to 136,413 lots. Inventories grew by 1,164 mt, to 229,230 mt.
LME nickel prices hovered around USD 13,837/mt during Asian trading hours. UK's trade date and industry output figures in August fell short of expectations, and the minutes of US Federal Reserve policy meeting showed most officials support to wind down QE3, with the scaling back of QE3 expected in the year. Both Republican Party and Democratic Party accepted each other's conditions under some preconditions. In this context, the US dollar index rebounded by 0.43%, weighing down LME nickel prices to USD 13,651/mt, closing the day down USD 190/mt.
LME nickel prices will hover between USD 13,600-13,750/mt today, and nickel prices in Shanghai will move between RMB 96,200-97,200/mt.